Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

October 31, 2023

VOYA FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-35897

No.

52-1222820

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification Number)

230 Park Avenue

New York

10169

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (212) 309-8200

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol	Name of each exchange on which registered
Common Stock, $.01 Par Value	VOYA	New York Stock Exchange
Depositary Shares, each representing a 1/40th	VOYAPrB	New York Stock Exchange
interest in a share of 5.35% Fixed-Rate Non-Cumulative Preferred Stock, Series B, $0.01 par value

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02			Results of Operations and Financial Condition

On October 31, 2023, Voya Financial, Inc. (“Voya Financial”) reported its financial results for the three months and nine months ended September 30, 2023. A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated by reference in this Item 2.02.

As previously announced, Voya Financial will host a conference call on Wednesday, November 1, 2023 at 10:00 am ET to discuss its third-quarter 2023 results. The call can be accessed via Voya Financial’s investor relations website at http://investors.voya.com. In addition, more detailed financial information can be found in Voya Financial’s Quarterly Investor Supplement for the quarter ended September 30, 2023, available on Voya Financial’s investor relations website at http://investors.voya.com. The Quarterly Investor Supplement for the quarter ended September 30, 2023 is furnished herewith as Exhibit 99.2 and is incorporated by reference in this Item 2.02.

As provided in General Instruction B.2 of Form 8-K, the information and exhibits provided pursuant to this Item 2.02 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.


Item 7.01			Regulation FD Disclosure

On October 31, 2023, Voya Financial made available a slide presentation that will accompany the conference call described above in Item 2.02. These slides are available on Voya Financial’s investor relations website at http://investors.voya.com.

As provided in General Instruction B.2 of Form 8-K, the information provided pursuant to this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.


Item 9.01			Financial Statements and Exhibits

(d) Exhibits

99.1 Press release of Voya Financial, Inc., dated October 31, 2023 (furnished and not filed)

99.2 Quarterly Investor Supplement for the quarter ended September 30, 2023 (furnished and not filed)

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Voya Financial, Inc.

(Registrant)

By: /s/ My Chi To

Name: My Chi To

Title: Executive Vice President, Chief Legal Officer and Corporate Secretary

Dated: October 31, 2023

Exhibit 99.1

Voya Financial announces third-quarter 2023 results

NEW YORK, Oct. 31, 2023 — Voya Financial, Inc. (NYSE: VOYA), a leading health, wealth and investment company, announced today its third-quarter 2023 financial results:

•Net income available to common shareholders of $2.29 per diluted share.

•After-tax adjusted operating earnings1 of $1.74 per diluted share (EPS), which reflects the continued benefit of Voya's diversified revenue streams and strong margins.

•Strong cash generation and balanced excess capital return:

◦Approximately $0.3 billion in excess capital deployed in third-quarter 2023, including $140 million in debt redemption; approximately $50 million to acquire interest in India joint venture; and $96 million in share repurchases and common stock dividends.

◦Approximately $0.8 billion of excess capital generated during the trailing 12 months (TTM) ended Sept. 30, 2023.

◦As of Sept. 30, 2023, Voya had approximately $0.4 billion of excess capital, reflecting capital generation of over 90% of after-tax adjusted operating earnings in third-quarter 2023 and for the TTM ended Sept. 30, 2023.

"In the third quarter of 2023, we continued to execute on our strategic priorities and delivered $1.74 per diluted share of after-tax adjusted operating EPS, which reflects the benefit of our diversified revenue streams and prudent expense management," said Heather Lavallee, chief executive officer, Voya Financial. "During the quarter, we drove further commercial momentum in each of our businesses; we maintained a strong focus on margins; and we deployed further excess capital generated by our high free-cash-flow businesses. Despite macroeconomic headwinds, we continue to execute on our strategy and — as a result of our strong client relationships and engagement — we are confident in our ability to continue to drive commercial momentum, while also closely managing spending and prudently deploying capital. These elements give us confidence in our Investor Day target of 12% to 17% EPS growth through the three-year period ending in 2024.

"Underpinning our accomplishments are our purpose and vision, which we activate by serving the needs of our clients, as well as supporting our colleagues and our communities. For example, in the third quarter, we expanded our critical illness and accident insurance products to offer new benefits and coverage that focus on mental health; we earned further recognition as a best place to work; and Voya employees positively impacted our communities by raising more than $1.5 million for 1,900 charitable causes through our annual Employee Giving Campaign," added Lavallee.

1 This press release includes certain non-GAAP financial measures, including adjusted operating earnings. More information on notable items in the company’s financial results, non-GAAP measures, and reconciliations to the most comparable U.S. GAAP measures can be found in the reconciliation tables at the end of this press release and in the “Non-GAAP Financial Measures” section of the company’s Quarterly Investor Supplement, which is available at investors.voya.com.

Consolidated Results

Third-quarter 2023 net income available to common shareholders was $248 million, or $2.29 per diluted share, compared with $166 million, or $1.57 per diluted share, in third-quarter 2022. The increase was primarily due to gains within businesses exited, net investment gains and lower acquisition and integration costs, partially offset by lower after-tax adjusted operating earnings.

Third-quarter 2023 after-tax adjusted operating earnings were $189 million, or $1.74 per diluted share, compared with $210 million, or $1.97 per diluted share, in third-quarter 2022. The decrease was largely due to lower net underwriting results, partially offset by higher fee income.

Business Segment Results

Wealth Solutions

Wealth Solutions third-quarter 2023 pre-tax adjusted operating earnings were $179 million, up from $128 million in the prior-year period. The increase was primarily due to higher alternative investment income as well as favorable equity market impacts to fee-based margins — all partially offset by lower investment spreads.

For the TTM ended Sept. 30, 2023, full-service recurring deposits grew 10.2% to $14.4 billion compared with the prior-year period, largely due to growth in Corporate markets. Total client assets as of Sept. 30, 2023, were $510 billion, up 12% compared with Sept. 30, 2022, due to growth in the business and higher equity market levels year over year.

Excluding notables, net revenues for the TTM ended Sept. 30, 2023, grew 1.4% compared with the prior-year period as an increase in spread-based revenues more than offset a decline in fee-based margins. Adjusted operating margin for the TTM ended Sept. 30, 2023, excluding notables, was 37.8%, compared with 37.9% in the prior-year period.

Health Solutions

Health Solutions third-quarter 2023 pre-tax adjusted operating earnings were $53 million, down from $154 million in the prior-year period. The decline was largely attributable to the prior-year period benefiting from exceptionally strong underwriting results and a favorable reserve adjustment.

Health Solutions third-quarter 2023 annualized in-force premiums and fees grew 21.1% to $3.3 billion compared with the prior-year period. The increase reflects growth across all product lines, favorable retention and the positive impact of the Benefitfocus acquisition, which closed in January 2023. Excluding Benefitfocus, annualized in-force premiums and fees grew 14.7% compared with the prior-year period.

Excluding notables, net revenues for the TTM ended Sept. 30, 2023, grew 35.8% compared with the prior-year period due to the Benefitfocus acquisition, premium growth across all product lines and a favorable aggregate loss ratio. (Excluding Benefitfocus, net revenues, excluding notables, grew 17.7%.) Adjusted operating margin for the TTM ended Sept. 30, 2023, excluding notables, was 32.2%, compared with 31.2% in the prior-year period.

Investment Management

Investment Management third-quarter 2023 pre-tax adjusted operating earnings, excluding Allianz's noncontrolling interest, were $49 million, up from $38 million in the prior-year period. The increase was largely due to higher fee revenues resulting from the Allianz Global Investors (AllianzGI) transaction, which closed in July 2022, and positive investment capital returns.

Investment Management had net outflows (excluding divested businesses) of $8.4 billion during the TTM ended Sept. 30, 2023 — positive Retail net flows and momentum resulting from the company's international distribution through AllianzGI were more than offset by macroeconomic headwinds impacting the industry and the unwinding of the company's former international distribution partnership.

Excluding notables, net revenues for the TTM ended Sept. 30, 2023, grew 21.8% as additional revenues from the AllianzGI transaction more than offset the impact of macroeconomic headwinds on both equity and fixed income fees, particularly in Retail. Adjusted operating margin for the TTM ended Sept. 30, 2023, excluding notables, was 25.5%, compared with 26.0% in the prior-year period.

Additional Financial Information and Earnings Call

More detailed financial information can be found in the company’s quarterly investor supplement, which is available on Voya’s investor relations website, investors.voya.com. In addition, Voya will host a conference call on Wednesday, Nov. 1, 2023, at 10 a.m. ET, to discuss the company’s third-quarter 2023 results. The call and slide presentation can be accessed via the company’s investor relations website at investors.voya.com. A replay of the call will be available on the company’s investor relations website, investors.voya.com starting at 1 p.m. ET on Nov. 1, 2023.

Media Contact: Investor Contact:

Christopher Breslin Michael Katz

212-309-8941 212-309-8999

Christopher.Breslin@voya.com IR@voya.com

About Voya Financial

Voya Financial, Inc. (NYSE: VOYA), is a leading health, wealth and investment company with approximately 9,000 employees who are focused on achieving Voya’s aspirational vision: Clearing your path to financial confidence and a more fulfilling life. Through products, solutions and technologies, Voya helps its 14.7 million individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a Voya company, extends the reach of Voya’s workplace benefits and savings offerings by providing benefits administration capabilities to 16.5 million individual subscription employees across employer and health plan clients. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is purpose-driven and committed to conducting business in a way that is economically, ethically, socially and environmentally responsible. Voya has earned recognition as: one of the World’s Most Ethical Companies® by Ethisphere; a member of the Bloomberg Gender-Equality Index; and a “Best Place to Work for Disability Inclusion” on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Instagram.

Forward-Looking and Other Cautionary Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The company does not assume any obligation to revise or update these statements to reflect new information, subsequent events or changes in strategy. Forward-looking statements include statements relating to future developments in our business or expectations for our future financial performance and any statement not involving a historical fact. Forward-looking statements use words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Actual results, performance or events may differ materially from those projected in any forward-looking statement due to, among other things, (i) general economic conditions, particularly economic conditions in our core markets, (ii) performance of financial markets, (iii) interest rates, (iv) the frequency and severity of insured loss events, (v) the effects of natural or man-made disasters, including pandemic events, (vi) mortality and morbidity levels, (vii) persistency and lapse levels, (viii) currency exchange rates, (ix) general competitive factors, (x) changes in laws and regulations, such as those relating to Federal taxation, state insurance regulations and NAIC regulations and guidelines, (xi) changes in the policies of governments and/or regulatory authorities, (xii) our ability to successfully manage the separation of the Individual Life business that we sold to Resolution Life US on Jan. 4, 2021, and (xiii) our ability to realize the expected benefits from acquisitions, including the transactions with AllianzGI and Benefitfocus. Factors that may cause actual results to differ from those in any forward-looking statement also include those described under “Risk Factors” and “Management’s Discussion and Analysis of Results of Operations and Financial Condition – Trends and Uncertainties” in our Annual Report on Form 10-K for the year ended Dec. 31, 2022, as filed with the Securities and Exchange Commission (“SEC”) on Feb. 24, 2023, and in our Quarterly Report on Form 10-Q for the three months ended Sept. 30, 2023, to be filed with the SEC on or before Nov. 9, 2023.

VOYA-IR VOYA-CF


Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)
	Three Months Ended
($ in millions, except per share)	9/30/2023				9/30/2022
	After-tax (1)		Per share		After-tax (1)		Per share

Net Income (loss) available to Voya Financial, Inc.'s common shareholders	$	248	$	2.29	$	166	$	1.57




Less:
Net investment gains (losses) (2)	43		0.40		(7)		(0.06)


Income (loss) related to businesses exited or to be exited through reinsurance or divestment (3)	38		0.35		(11)		(0.10)




Other adjustments	(21)		(0.19)		(26)		(0.24)
Adjusted operating earnings	$	189	$	1.74	$	210	$	1.97
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation	(23)		(0.21)		(74)		(0.70)
Other (4)	(13)		(0.12)		45		0.42
Adjusted operating earnings excluding notable items	$	224	$	2.07	$	239	$	2.24

(1) For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law.

(2) Net investment gains include a $45 million revaluation gain on the Voya India investment for the three months ended September 30, 2023. There was no tax expense associated with this gain.

(3) Income related to businesses exited or to be exited through reinsurance or divestment includes a one-time tax benefit of $92 million related to a divested business for the three months ended September 30, 2023.

(4) Includes changes in certain legal and other reserves not expected to recur at the same level.


Adjusted Operating Earnings and Notable Items
Three Months Ended September 30, 2023
(in millions)	Amounts Including Notable Items		Investment Income Net of Variable and Incentive Compensation Above (Below) Expectations (1)		Other (2)		Amounts Excluding Notable Items
	a		b		c		d = a - b - c
Adjusted operating earnings
Wealth Solutions	$	179	$	(24)	$	—	$	202
Health Solutions	53		(2)		(16)		71
Investment Management	63		(3)		—		66

Corporate	(52)		—		—		(52)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	242		(29)		(16)		287
Less: Earnings (loss) attributable to Allianz noncontrolling interest	14		—		—		14
Adjusted operating earnings before income taxes	229		(29)		(16)		273
Income taxes (3)	39		(6)		(3)		49
Adjusted operating earnings after income taxes	$	189	$	(23)	$	(13)	$	224
Adjusted operating earnings per share	1.74		(0.21)		(0.12)		2.07

(1) The amount by which Investment income from alternative investments and prepayments exceeds or is less than our long-term expectations, net of variable and incentive compensation. Long-term expectation for alternative investments is a 9% annual return and the long-term expectation for prepayment fees is a 10 basis point annual contribution to yield, which is roughly $9 million per quarter for Wealth Solutions.

(2) Includes changes in certain legal and other reserves not expected to recur at the same level.

(3) For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings.


Net Revenue, Adjusted Operating Margin, and Notable Items
Twelve Months Ended September 30, 2023
(in millions)	Amounts Including Notable Items			Investment Income Net of Variable and Incentive Compensation Above (Below) Expectations (1)			Other (2)			Amounts Excluding Notable Items
	a			b			c			d = a - b - c








Net revenue
Wealth Solutions	$	1,864		$	(121)		$	—		$	1,985
Health Solutions	1,137			(9)			(16)			1,165
Investment Management	903			(9)			—			912
Total net revenue	$	3,904		$	(139)		$	(16)		$	4,061

Adjusted operating margin
Wealth Solutions	33.8		%	(4.0)		%	—			37.8		%
Health Solutions	30.6		%	(0.6)		%	(1.0)		%	32.2		%
Investment Management	24.9		%	(0.6)		%	—			25.5		%
Adjusted operating margin, excluding Corporate	30.8		%	(2.4)		%	(0.2)		%	33.4		%

(1) The amount by which Investment income from alternative investments and prepayments exceeds or is less than our long-term expectations. Long-term expectation for alternative investments is a 9% annual return and the long-term expectation for prepayment fees is a 10 basis point annual contribution to yield, which is roughly $9 million per quarter for Wealth Solutions.

(2) Includes changes in certain legal and other reserves not expected to recur at the same level.


Net Revenue, Adjusted Operating Margin, and Notable Items
Twelve Months Ended September 30, 2022
(in millions)	Amounts Including Notable Items			Investment Income Net of Variable and Incentive Compensation Above (Below) Expectations (1)			COVID-19 Impacts			Other (2)			Amounts Excluding Notable Items








	a			b			c			d			e = a - b - c - d
Net revenue
Wealth Solutions	$	2,015		$	57		$	—		$	—		$	1,958
Health Solutions	848			7			(74)			57			858
Investment Management	742			(8)			—			—			749
Total net revenue	$	3,604		$	56		$	(74)		$	57		$	3,565

Adjusted operating margin
Wealth Solutions	39.6		%	1.7		%	—			—		%	37.9		%
Health Solutions	30.3		%	0.5		%	(5.7)		%	4.3		%	31.2		%
Investment Management	25.5		%	(0.5)		%	—			—			26.0		%
Adjusted operating margin, excluding Corporate	34.5		%	1.1		%	(1.4)		%	1.1		%	33.7		%

(2) Includes changes in certain other reserves not expected to recur at the same level.


						Exhibit 99.2

Quarterly Investor Supplement

September 30, 2023

This report should be read in conjunction with Voya Financial, Inc.'s Quarterly Report on Form 10-Q for the Nine Months Ended September 30, 2023. Voya Financial's Annual Reports on Form 10-K, and Quarterly Reports on Form 10-Q, can be accessed upon filing at the Securities and Exchange Commission’s website at www.sec.gov, and at our website at investors.voya.com. All information is unaudited.

Corporate Offices:

Media Contact:

Investor Contact:

Voya Financial

Christopher Breslin

Michael Katz

230 Park Avenue

212-309-8941

212-309-8999

New York, New York 10169

Christopher.Breslin@voya.com

IR@voya.com

NYSE Ticker:

Web Site:

VOYA

investors.voya.com

Table of Contents

Page

Consolidated

Net Revenue, Adjusted Operating Margin, Administrative

Explanatory Note on Non-GAAP Financial Information

3 - 4

Expenses, and Adjusted Operating Return on Capital

Key Metrics

Net Revenue and Adjusted Operating Margin

Consolidated Statements of Operations

Administrative Expenses

Consolidated Adjusted Operating Earnings Before Income Taxes

Adjusted Operating Return on Allocated Capital

Adjusted Operating Earnings Before Income Taxes by Segment (QTD)

Investment Information

Adjusted Operating Earnings Before Income Taxes by Segment (YTD)

Portfolio Results GAAP Book Value, Gross Investment Income, and

Consolidated Balance Sheets

Earned Rate by Asset Class

DAC/VOBA Segment Trends

Portfolio Results Statutory Carrying Values by Asset Class and NAIC

Consolidated Capital Structure

Ratings

Consolidated Assets Under Management, Assets Under Administration

Alternative Investment Income

and Advisement

Alternative Income and Prepayments Above (Below) Long-Term

Wealth Solutions

Expectations

Sources of Adjusted Operating Earnings Before Income Taxes

Reconciliations

and Key Metrics

Reconciliation of Adjusted Operating Earnings Before Income Taxes and

Client Assets Rollforward by Product Group

16 - 17

Earnings Per Common Share (Diluted) (QTD)

Health Solutions

Reconciliation of Adjusted Operating Earnings Before Income Taxes and

Sources of Adjusted Operating Earnings Before Income Taxes

Earnings Per Common Share (Diluted) (YTD)

Key Metrics

Reconciliation of Adjusted Operating Revenues

Investment Management

Reconciliation of Net Revenues by Segment

41 - 42

Sources of Adjusted Operating Earnings Before Income Taxes

Reconciliation of Adjusted Operating Earnings Before Income Taxes

Analysis of AUM and AUA

Excluding Notable Items by Segment

43 - 44

Account Value Rollforward by Source

Reconciliation of Book Value Per Common Share, Excluding AOCI,

Account Value by Asset Type

Leverage Ratio, and Adjusted Diluted Shares

Corporate

Adjusted Operating Earnings Before Income Taxes


Voya Financial						Page 3 of 45

Explanatory Note on Non-GAAP Financial Information

Adjusted Operating Earnings Before Income Taxes

We believe that Adjusted operating earnings before income taxes is a meaningful measure used by management to evaluate our business and segment performance. This measure enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying core business segments by excluding items that tend to be highly variable from period to period based on capital market conditions and/or other factors. We use the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as we do for the directly comparable U.S. GAAP measure Income (loss) before income taxes.

Adjusted operating earnings before income taxes does not replace Income (loss) before income taxes as a measure of our consolidated results of operations. Therefore, we believe that it is useful to evaluate both measures when reviewing our financial and operating performance. Each segment’s Adjusted operating earnings before income taxes is calculated by adjusting Income (loss) before income taxes for the following items:

▪Net investment gains (losses), which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations, and changes in the fair value of derivative instruments, excluding gains (losses) associated with swap settlements and accrued interest. It also includes changes in the fair value of derivatives related to managed custody guarantees, net of related reserve increases (decreases), less the estimated cost of these benefits, changes in nonperformance spread, and changes in market risk benefits;

•Income (loss) related to businesses exited or to be exited through reinsurance or divestment, which includes gains and (losses) associated with transactions to exit blocks of business, amortization of intangible assets and residual run-off activity. Excluding this activity better reveals trends in our core business and more closely aligns Adjusted operating earnings before income taxes with how we manage our segments;

•Income (loss) attributable to noncontrolling interests to which we are not economically entitled, such as Allianz SE's ("Allianz") stake in the results of VIM Holdings LLC (referred to as redeemable noncontrolling interest and Allianz noncontrolling interest) or the attribution of results from consolidated VIEs or VOEs;

•Dividend payments made to preferred shareholders are included as reductions to reflect the Adjusted operating earnings before income taxes that are available to common shareholders;

•Other adjustments may include the following items:

•Income (loss) related to early extinguishment of debt since the outcome of decisions to restructure debt are not indicative of normal operations;

•Impairment of goodwill and intangible assets as these represent losses related to infrequent events and do not reflect normal, cash-settled expenses;

•Amortization of acquisition-related intangible assets as well as contingent consideration fair value adjustments incurred in connection with certain acquisitions which are not indicative of current Operating expense fundamentals;

•Expected return on plan assets net of interest costs associated with our qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments. These amounts do not reflect cash-settled expenses, and are not indicative of current Operating expense fundamentals; and

•Other items not indicative of normal operations or performance of our segments or may be related to events such as capital or organizational restructurings, including certain costs related to debt and equity offerings, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate. These items vary widely in timing, scope and frequency between periods as well as between companies to which we are compared. Accordingly, we adjust for these items as we believe that these items distort the ability to make a meaningful evaluation of the current and future performance of our segments.

The most directly comparable U.S. GAAP measure to Adjusted operating earnings before income taxes is Income (loss) before income taxes. For a reconciliation of Adjusted operating earnings before income taxes to Income (loss) before income taxes, refer to the "Reconciliations" section in this document.

Adjusted Operating Revenues

Adjusted operating revenues is a measure of our segment revenues and a non-GAAP financial measure. Each segment's Adjusted operating revenues are calculated by adjusting Total revenues for the following items:

•Net investment gains (losses);

•Revenues related to businesses exited or to be exited through reinsurance or divestment;

•Revenues attributable to noncontrolling interests, which represent the attribution of results from consolidated VIEs or VOEs; and

•Other adjustments primarily reflect fee income earned by our broker-dealers for sales of non-proprietary products, which are reflected net of commission expense in our segments’ operating revenues, other items where the income is passed on to third parties and the elimination of intercompany investment expenses included in Adjusted operating revenues.

The most directly comparable U.S. GAAP measure to Adjusted operating revenues is Total revenues. For a reconciliation of Adjusted operating revenues to Total revenues, refer to the "Reconciliations" section of this document.


Voya Financial						Page 4 of 45

Explanatory Note on Non-GAAP Financial Information

Sources of Earnings

We analyze our segment performance based on the sources of earnings. We believe this supplemental information is useful in order to gain a better understanding of our Adjusted operating earnings before income taxes for the following reasons: (1) we analyze our business using this information and (2) this presentation can be helpful for investors to understand the main drivers of Adjusted operating earnings before income taxes. The sources of earnings are defined as such:

•Investment spread and other investment income consists of net investment income and net gains (losses) associated with swap settlements and accrued interest, less interest credited to policyholder reserves.

•Fee based margin consists primarily of fees earned on assets under management ("AUM"), assets under administration and advisement ("AUA"), transaction based recordkeeping fees, and fees for subscriptions and services associated with cloud-based benefits software.

•Net underwriting gain (loss) and other revenue contains the following: the difference between fees charged for insurance risks and incurred benefits, including mortality, morbidity, surrender results, and contractual charges.

•Administrative expenses are general expenses, net of amounts capitalized as acquisition expenses and exclude commission expenses.

•Net commissions are commissions paid that are not deferred and thus recorded directly to expense.

•DAC/VOBA and other intangibles amortization.

Net Revenue and Adjusted Operating Margin

• Adjusted operating margin is defined as adjusted operating earnings before income taxes divided by net revenue.

• Net revenue is the sum of investment spread and other investment income, fee based margin, and net underwriting gain (loss). Please see the “Reconciliations” section of this document for a

reconciliation of net revenue to adjusted operating revenue for each of our segments.

• We report net revenue and adjusted operating margin for each of our segments, since they provide a meaningful measure for the two primary drivers for adjusted operating earnings – revenue growth and margin expansion.

• We also report net revenue and adjusted operating margin excluding notable items, such as alternative investment income above or below our long-term expectations. Please see the “Reconciliations” section of this document for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items.

• We report net revenue and adjusted operating margin excluding notable items since it provides the main drivers for adjusted operating earnings before income taxes excluding the effects of items that are not expected to recur at the same level.

Other Information

Financial information, unless otherwise noted, is rounded to millions, therefore may not sum to its corresponding total.


Voya Financial						Page 5 of 45

Key Metrics


	Three Months Ended or As of										Year-to-Date or As of
(in millions USD, unless otherwise indicated)	9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022		9/30/2023		9/30/2022
Net income (loss) available to Voya Financial, Inc.'s common shareholders	248		154		69		190		166		471		284
Per common share (basic)	2.35		1.50		0.70		1.95		1.70		4.62		2.79
Per common share (diluted)	2.29		1.41		0.63		1.78		1.57		4.31		2.55
Adjusted operating earnings: (1)
Before income taxes	229		294		192		206		254		715		703
After income taxes	189		243		158		227		210		589		580
Effective tax rate	17.2	%	17.5	%	17.9	%	-10.2	%	17.5	%	17.5	%	17.4	%
Per common share (Adjusted diluted)	1.74		2.21		1.44		2.13		1.97		5.39		5.21
Per common share excluding notable items	2.07		2.31		1.69		2.10		2.24		6.06		5.39
Shareholder's equity:
Total Voya Financial, Inc. Common Shareholders' Equity	2,515		3,085		3,342		2,737		2,304		2,515		2,304
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI	6,048		5,876		5,887		5,792		5,607		6,048		5,607
Book value per common share (including AOCI)	23.93		29.19		34.03		28.16		23.70		23.93		23.70
Book value per common share (excluding AOCI) (2)	57.55		55.59		59.95		59.59		57.69		57.55		57.69
Leverage Ratios:
Debt-to-Capital	40.1	%	37.7	%	36.1	%	40.0	%	43.4	%	40.1	%	43.4	%
Financial Leverage - excluding AOCI (2)	27.8	%	29.2	%	29.5	%	29.5	%	29.8	%	27.8	%	29.8	%
Shares:
Weighted-average common shares outstanding
Basic (3)	106		103		98		97		98		102		102
Dilutive effect of warrants (3)	—		4		9		7		6		4		7
Other dilutive effects (4)	3		3		3		2		2		3		2
Diluted	108		110		110		107		106		109		111
Adjusted Diluted (2)	108		110		110		107		106		109		111
Ending shares outstanding	105		106		98		97		97		105		97
Returned to Common Shareholders:
Repurchase of common shares, excluding commissions	54		162		—		—		50		216		750
Dividends to common shareholders	42		21		20		19		20		83		61
Total cash returned to common shareholders	96		183		20		19		70		299		811

(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 37 of this document.
(2) This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page 45 of this document.
(3) On May 10th, 2023, we issued 9.6 million shares to settle the outstanding warrants issued in connection with our IPO. For the second quarter of 2023, the impact of these issued shares on Diluted shares outstanding is split between Basic and Dilutive effect of warrants due to the mid-quarter issuance. Beginning in the third quarter of 2023, the shares are included in Basic shares outstanding.
(4) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options.


Voya Financial						Page 6 of 45

Consolidated Statements of Operations


	Three Months Ended					Year-to-Date
(in millions USD)	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022	9/30/2023	9/30/2022

Revenues
Net investment income	547	545	545	548	522	1,637	1,733
Fee income	489	474	464	451	445	1,427	1,291
Premiums	682	677	685	612	606	2,044	1,811
Net gains (losses)	(7)	(56)	(16)	(47)	(125)	(79)	(639)
Other revenues	81	86	78	31	33	245	117
Income (loss) related to consolidated investment entities	31	145	79	(40)	(136)	255	62
Total revenues	1,823	1,871	1,835	1,555	1,345	5,529	4,375
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(799)	(682)	(751)	(693)	(537)	(2,232)	(1,835)
Operating expenses	(717)	(770)	(836)	(673)	(632)	(2,323)	(1,869)
Net amortization of DAC/VOBA	(57)	(57)	(59)	(56)	(60)	(173)	(184)
Interest expense	(31)	(39)	(32)	(30)	(31)	(102)	(104)
Operating expenses related to consolidated investment entities	(47)	(60)	(16)	(20)	(14)	(123)	(38)
Total benefits and expenses	(1,651)	(1,608)	(1,694)	(1,472)	(1,274)	(4,953)	(4,030)
Income (loss) before income taxes	172	263	141	83	71	576	345
Income tax expense (benefit)	(74)	28	12	(54)	29	(34)	49


Net income (loss)	246	235	129	137	42	610	296
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	(16)	77	46	(57)	(138)	107	(20)
Net income (loss) available to Voya Financial, Inc.	262	158	83	194	180	503	316
Less: Preferred stock dividends	14	4	14	4	14	32	32
Net income (loss) available to Voya Financial, Inc.'s common shareholders	248	154	69	190	166	471	284


Voya Financial						Page 7 of 45

Consolidated Adjusted Operating Earnings Before Income Taxes


	Three Months Ended					Year-to-Date
(in millions USD)	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022	9/30/2023	9/30/2022
Consolidated Adjusted Operating Earnings Before Income Taxes
Adjusted operating revenues
Net investment income and net gains (losses)	489	498	482	460	415	1,469	1,440
Fee income	489	478	468	455	451	1,434	1,309
Premiums	663	669	675	601	598	2,007	1,778
Other revenue	76	76	73	31	30	225	108
Adjusted operating revenues (1)	1,717	1,721	1,697	1,547	1,495	5,135	4,635

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(730)	(656)	(689)	(648)	(557)	(2,075)	(1,918)
Operating expenses	(671)	(691)	(731)	(614)	(590)	(2,092)	(1,769)
Net amortization of DAC/VOBA	(29)	(30)	(31)	(30)	(32)	(90)	(93)
Interest expense (2)	(44)	(37)	(47)	(37)	(49)	(128)	(140)
Adjusted operating benefits and expenses	(1,475)	(1,414)	(1,498)	(1,328)	(1,228)	(4,385)	(3,920)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)	242	307	200	219	267	749	715
Less: Earnings (loss) attributable to Allianz noncontrolling interest	14	13	8	13	13	35	13
Adjusted operating earnings before income taxes (1)	229	294	192	206	254	715	703


Adjusted Operating Revenues and Adjusted Operating Earnings Before Income Taxes by Segment
Adjusted operating revenues
Wealth Solutions	702	705	684	669	645	2,090	2,109
Health Solutions	768	775	774	649	645	2,317	1,933
Investment Management	233	226	229	215	192	688	542
Corporate	14	15	11	15	13	39	51
Adjusted operating revenues (1)	1,717	1,721	1,697	1,547	1,495	5,135	4,635

Adjusted operating earnings before income taxes
Wealth Solutions	179	174	132	145	128	485	553
Health Solutions	53	124	94	78	154	271	226
Investment Management	49	50	33	42	38	132	116
Corporate	(52)	(53)	(68)	(59)	(65)	(173)	(193)


Adjusted operating earnings before income taxes (1)	229	294	192	206	254	715	703

(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 37 of this document.
(2) Includes dividend payments made to preferred shareholders.


Voya Financial						Page 8 of 45

Adjusted Operating Earnings Before Income Taxes by Segment


	Three Months Ended September 30, 2023
(in millions USD)	Wealth Solutions	Health Solutions	Investment Management	Corporate	Consolidated

Adjusted operating revenues
Net investment income and net gains (losses)	438	35	7	9	489
Fee income	246	18	224	—	489
Premiums	—	663	—	—	663
Other revenue	18	51	2	5	76
Adjusted operating revenues (1)	702	768	233	14	1,717

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(226)	(504)	—	—	(730)
Operating expenses	(275)	(204)	(170)	(22)	(671)
Net amortization of DAC/VOBA	(22)	(7)	—	—	(29)
Interest expense (2)	—	—	—	(44)	(44)
Adjusted operating benefits and expenses	(524)	(715)	(170)	(66)	(1,475)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)	179	53	63	(52)	242
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—	—	14	—	14
Adjusted operating earnings before income taxes (1)	179	53	49	(52)	229

	Three Months Ended September 30, 2022
	Wealth Solutions	Health Solutions	Investment Management	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	398	29	(12)	—	415
Fee income	230	19	202	—	451
Premiums	—	598	—	—	598
Other revenue	17	(2)	2	13	30
Adjusted operating revenues (1)	645	645	192	13	1,495

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(222)	(335)	—	—	(557)
Operating expenses	(272)	(147)	(142)	(30)	(590)
Net amortization of DAC/VOBA	(23)	(9)	—	—	(32)
Interest expense (2)	—	—	—	(49)	(49)
Adjusted operating benefits and expenses	(517)	(491)	(142)	(78)	(1,228)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)	128	154	51	(66)	267
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—	—	13	—	13
Adjusted operating earnings before income taxes (1)	128	154	38	(65)	254

(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 37 of this document.
(2) Includes dividend payments made to preferred shareholders.


Voya Financial						Page 9 of 45

Adjusted Operating Earnings Before Income Taxes by Segment


	Nine Months Ended September 30, 2023
(in millions USD)	Wealth Solutions	Health Solutions	Investment Management	Corporate	Consolidated

Adjusted operating revenues
Net investment income and net gains (losses)	1,318	104	27	21	1,469
Fee income	717	58	659	—	1,434
Premiums	—	2,007	—	—	2,007
Other revenue	55	148	3	18	225
Adjusted operating revenues (1)	2,090	2,317	688	39	5,135

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(671)	(1,404)	—	—	(2,075)
Operating expenses	(867)	(619)	(520)	(85)	(2,092)
Net amortization of DAC/VOBA	(67)	(23)	—	—	(90)
Interest expense (2)	—	—	—	(128)	(128)
Adjusted operating benefits and expenses	(1,605)	(2,047)	(520)	(213)	(4,385)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)	485	271	168	(175)	749
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—	—	36	(1)	35
Adjusted operating earnings before income taxes (1)	485	271	132	(173)	715

	Nine Months Ended September 30, 2022
	Wealth Solutions	Health Solutions	Investment Management	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	1,333	103	4	—	1,440
Fee income	725	58	527	—	1,309
Premiums	—	1,778	—	—	1,778
Other revenue	52	(5)	10	51	108
Adjusted operating revenues (1)	2,109	1,933	542	51	4,635

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(663)	(1,256)	—	—	(1,918)
Operating expenses	(823)	(429)	(412)	(104)	(1,769)
Net amortization of DAC/VOBA	(71)	(22)	—	—	(93)
Interest expense (2)	—	—	—	(140)	(140)
Adjusted operating benefits and expenses	(1,556)	(1,707)	(412)	(244)	(3,920)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)	553	226	129	(193)	715
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—	—	13	—	13
Adjusted operating earnings before income taxes (1)	553	226	116	(193)	703

(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 37 of this document.
(2) Includes dividend payments made to preferred shareholders.


Voya Financial						Page 10 of 45

Consolidated Balance Sheets


	Balances as of
(in millions USD)	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Assets
Total investments	36,257	37,561	38,703	39,110	39,519
Cash and cash equivalents	829	1,195	724	919	840
Assets held in separate accounts	85,491	88,851	84,569	80,174	75,980
Premium receivable and reinsurance recoverable, net	11,765	12,131	12,438	12,426	12,559
Short term investments under securities loan agreement and accrued investment income	1,349	1,506	1,691	1,604	1,623
Deferred policy acquisition costs, Value of business acquired	2,278	2,304	2,333	2,363	2,389
Current and deferred income taxes	2,448	2,171	2,126	2,228	2,245
Other assets (1)	4,217	4,170	4,191	3,578	3,532
Assets related to consolidated investment entities	4,631	4,727	4,433	4,204	4,195
Total Assets	149,265	154,616	151,208	146,606	142,882
Liabilities
Future policy benefits and contract owner account balances	49,506	50,583	51,493	52,174	53,039
Liabilities related to separate accounts	85,491	88,851	84,569	80,174	75,980
Payables under securities loan agreements, including collateral held	1,190	1,301	1,328	1,302	1,378
Short-term debt	2	143	143	141	141
Long-term debt	2,095	2,095	2,094	2,094	2,094
Other liabilities (2)	3,397	3,394	3,350	3,290	3,270
Liabilities related to consolidated investment entities	2,625	2,721	2,544	2,434	2,319
Total Liabilities	144,306	149,088	145,521	141,609	138,221
Mezzanine Equity
Allianz noncontrolling interest	173	171	166	166	155
Shareholders' Equity
Preferred stock	—	—	—	—	—
Common stock	1	1	1	1	1
Treasury stock	(307)	(248)	(77)	(39)	(873)
Additional paid-in capital	6,664	6,695	6,693	6,643	7,945
Retained earnings (deficit)	302	40	(118)	(201)	(854)
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI	6,660	6,488	6,499	6,404	6,219
Accumulated other comprehensive income	(3,533)	(2,791)	(2,545)	(3,055)	(3,303)
Total Voya Financial, Inc. Shareholders' Equity	3,127	3,697	3,954	3,349	2,916
Noncontrolling interest	1,659	1,660	1,567	1,482	1,590
Total Shareholders' Equity	4,786	5,357	5,521	4,831	4,506
Total Liabilities, Mezzanine Equity and Shareholders' Equity	149,265	154,616	151,208	146,606	142,882








(1) Includes Other assets, Goodwill, and Other intangibles, net.
(2) Includes Other liabilities and Derivatives.


Voya Financial						Page 11 of 45

DAC/VOBA Segment Trends


	Three Months Ended					Year-to-Date
(in millions USD)	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022	9/30/2023	9/30/2022
Wealth Solutions
Balance as of Beginning-of-Period	1,075	1,082	1,088	1,095	1,103	1,088	1,118
Deferrals of commissions and expenses	15	15	16	16	15	47	48
Amortization	(22)	(22)	(22)	(23)	(23)	(67)	(71)
Balance as of End-of-Period	1,068	1,075	1,082	1,088	1,095	1,068	1,095
Deferred Sales Inducements as of End-of-Period	22	22	22	24	23	22	23

Health Solutions
Balance as of Beginning-of-Period	201	194	190	182	178	190	164
Deferrals of commissions and expenses	15	14	13	15	14	42	40
Amortization	(7)	(8)	(8)	(7)	(9)	(23)	(22)
Balance as of End-of-Period	208	201	194	190	182	208	182

Total
Balance as of Beginning-of-Period	1,275	1,276	1,279	1,278	1,281	1,279	1,282
Deferrals of commissions and expenses	30	29	29	31	29	88	88
Amortization	(29)	(30)	(31)	(30)	(32)	(90)	(93)
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment	1,276	1,275	1,276	1,279	1,278	1,276	1,278
Balance as of End-of-Period, businesses exited through reinsurance or divestment (1)	1,002	1,029	1,057	1,084	1,111	1,002	1,111
Balance as of End-of-Period, including businesses exited through reinsurance or divestment	2,278	2,304	2,333	2,363	2,389	2,278	2,389

(1) Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Wealth Solutions annuities policies that were not part of the divested businesses.


Voya Financial						Page 12 of 45

Consolidated Capital Structure


	Balances as of
(in millions USD)	9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022

Financial Debt
Senior bonds	1,746		1,887		1,498		1,496		1,495
Subordinated bonds	349		349		737		737		737
Other debt	2		2		2		2		3
Total Financial Debt	2,097		2,238		2,237		2,235		2,235
Other financial obligations (1)	325		326		335		265		269
Total Financial Obligations	2,422		2,564		2,572		2,500		2,504

Mezzanine Equity
Allianz noncontrolling interest	173		171		166		166		155
Equity
Preferred equity (2)	612		612		612		612		612
Common equity (Excluding AOCI)	6,048		5,876		5,887		5,792		5,607
Total Equity (Excluding AOCI)	6,660		6,488		6,499		6,404		6,219
Accumulated other comprehensive income (AOCI)	(3,533)		(2,791)		(2,545)		(3,055)		(3,303)
Total Voya Financial, Inc. Shareholders' Equity	3,127		3,697		3,954		3,349		2,916
Noncontrolling interest	1,659		1,660		1,567		1,482		1,590
Total Shareholders' Equity	4,786		5,357		5,521		4,831		4,506

Capital
Capitalization (3)	5,224		5,935		6,191		5,584		5,151

Adjusted Capitalization excluding AOCI (4)	10,914		10,883		10,804		10,552		10,468

Leverage Ratios
Debt-to-Capital (5)	40.1	%	37.7	%	36.1	%	40.0	%	43.4	%

Financial Leverage excluding AOCI (6)	27.8	%	29.2	%	29.5	%	29.5	%	29.8	%

(1) Includes operating leases, capital leases, and unfunded pension plan after-tax.
(2) Includes Preferred stock par value and additional paid-in-capital.

(3) Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity.

(4) Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI.
(5) Total Financial Debt divided by Capitalization.

(6) Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page 45 of this document.


Voya Financial						Page 13 of 45

Consolidated Assets Under Management, Assets Under Administration and Advisement


As of September 30, 2023
(in millions USD)	General Account	Separate Account	Institutional/Mutual Funds	Total AUM - Assets Under Management	AUA - Assets Under Administration & Advisement (2)	Total AUM and AUA

Wealth Solutions (1)	32,136	81,697	80,846	194,679	314,894	509,572
Health Solutions	1,854	15	—	1,869	—	1,869
Investment Management	35,792	24,796	251,228	311,816	55,066	366,882
Eliminations/Other (3)	(33,990)	(21,017)	(11,328)	(66,335)	(41,664)	(107,999)
Total AUM and AUA	35,792	85,491	320,746	442,029	328,296	770,324

(1) Includes wrapped funds as well as unwrapped Voya-managed funds.
(2) Wealth Solutions Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Administration and Advisement includes Mutual Fund, Institutional, Stable Value and General Account assets where only advisement, administrative, distribution coverage, relationship management and client servicing, or ancillary services are performed.
(3) Includes eliminations for AUM and AUA in our Wealth and Health segments that are managed by our Investment Management Segment and also reported in their AUM and AUA.

Wealth Solutions


Voya Financial						Page 15 of 45

Wealth Solutions Sources of Adjusted Operating Earnings Before Income Taxes and Key Metrics


	Three Months Ended or As of										Twelve Months Ended or As of
(in millions USD)	9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022			9/30/2023	9/30/2022
Sources of operating earnings before income taxes:
Gross investment income	422		427		430		432		427			1,711	1,622
Investment expenses	(18)		(19)		(19)		(20)		(20)			(76)	(79)
Credited interest	(223)		(221)		(218)		(220)		(218)			(882)	(874)
Net margin	181		187		192		192		189			752	669
Other investment income (1)(2)	57		52		57		60		59			226	233
Investment spread and other investment income, excluding alts/prepays above/below expectations	238		239		249		252		248			978	901
Alternative investment income and prepayment fees above (below) long-term expectations	(24)		(14)		(33)		(50)		(70)			(121)	57
Investment spread and other investment income	214		225		216		202		178			857	959
Full service fee based revenue	150		143		136		134		137			563	609
Recordkeeping and other fee based revenue (2)	109		109		107		105		105			430	440
Total fee based margin	259		252		243		238		242			992	1,049
Net underwriting gain (loss) and other revenue	2		4		4		5		3			15	8
Net revenue (3)	475		481		463		445		423			1,864	2,015
Administrative expenses	(216)		(228)		(251)		(223)		(214)			(918)	(876)
Net commissions	(58)		(57)		(56)		(55)		(57)			(226)	(244)
DAC/VOBA and other intangibles amortization	(23)		(23)		(23)		(23)		(24)			(92)	(96)
Adjusted operating earnings before income taxes	179		174		132		145		128			630	798
Adjusted Operating Margin TTM	33.8	%	31.9	%	33.1	%	36.9	%	39.6	%
Adjusted Operating Margin Excluding Notables TTM	37.8	%	37.7	%	38.6	%	39.3	%	37.9	%
Full Service Revenue (4)
Full Service Investment Spread and other investment income	206		214		206		194		170			820	918
Full Service Fee Based Revenue	150		143		136		134		137			563	609
Total Full Service Revenue	356		357		343		327		307			1,383	1,527
Client Assets
Fee Based (5)	423,118		429,958		408,688		387,961		364,099			423,118	364,099
Spread Based (6)	32,136		32,699		33,242		33,881		34,358			32,136	34,358
Investment-only Stable Value	35,450		37,354		37,781		38,148		38,944			35,450	38,944
Retail Client Assets (7)	25,867		26,570		25,757		24,908		23,547			25,867	23,547
Eliminations (7)	(6,998)		(7,639)		(7,574)		(7,511)		(7,355)			(6,998)	(7,355)
Total Client Assets (5)	509,572		518,941		497,895		477,386		453,594			509,572	453,594

(1) Includes investment income on assets backing surplus, investment income on cash balances, and income from policy loans.
(2) Effective third quarter 2023, Other investment income includes investment income on cash balances that was previously reported in Recordkeeping and other fee-based revenue. This reclassification was made in order to better align interest-sensitive revenues. Historical periods have been recast to conform with the current quarter’s presentation.
(3) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(4) Excludes Net underwriting gain (loss) and other revenue.
(5) Effective first quarter of 2023, includes asset balances associated with non-qualified retirement plans for clients using only our non-qualified solutions. Historical periods presented have been recast to conform with this change.
(6) Spread Based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products.
(7) Includes asset eliminations previously reported in Recordkeeping and Retail Client Assets. This change has no impact on fee revenue, as fees are calculated using respective asset bases. Historical periods presented have been recast to conform with this change.


Voya Financial						Page 16 of 45

Wealth Solutions Client Assets Rollforward by Product Group


	Three Months Ended					Twelve Months Ended
(in millions USD)	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022		9/30/2023	9/30/2022
Full Service - Corporate markets
Client Assets, beginning of period	96,492	91,615	85,965	80,126	83,320		80,126	95,448
Transfers / Single deposits	1,431	1,343	1,770	1,603	1,074		6,147	5,501
Recurring deposits	2,549	2,587	2,850	2,108	2,231		10,094	9,024
Total Deposits	3,980	3,930	4,621	3,710	3,305		16,241	14,527
Surrenders, benefits, and product charges	(3,368)	(3,244)	(3,477)	(2,900)	(2,589)		(12,989)	(12,951)
Net Flows	612	686	1,144	811	716		3,253	1,575
Interest credited and investment performance	(3,044)	4,191	4,506	5,028	(3,909)		10,681	(16,895)
Client Assets, end of period - Corporate markets	94,059	96,492	91,615	85,965	80,126		94,059	80,126

Full Service - Tax-exempt markets
Client Assets, beginning of period (1)	81,906	79,022	76,672	73,102	75,608		73,102	84,913
Transfers / Single deposits	273	271	323	887	248		1,754	1,555
Recurring deposits	1,036	1,079	1,100	1,061	986		4,276	4,018
Total Deposits	1,309	1,350	1,424	1,948	1,235		6,031	5,574
Surrenders, benefits, and product charges	(1,793)	(1,633)	(2,586)	(1,807)	(1,395)		(7,819)	(6,032)
Net Flows	(484)	(283)	(1,162)	141	(161)		(1,788)	(457)
Interest credited and investment performance	(1,758)	3,167	3,513	3,428	(2,346)		8,350	(11,354)

Client Assets, end of period - Tax-exempt markets (1)	79,663	81,906	79,022	76,672	73,102		79,663	73,102

Full Service - Total
Client Assets, beginning of period (1)	178,398	170,637	162,636	153,228	158,928		153,228	180,361
Transfers / Single deposits	1,704	1,615	2,094	2,489	1,322		7,902	7,056
Recurring deposits	3,585	3,666	3,951	3,169	3,217		14,371	13,042
Total Deposits	5,289	5,281	6,044	5,658	4,539		22,272	20,100
Surrenders, benefits, and product charges	(5,162)	(4,877)	(6,062)	(4,706)	(3,984)		(20,807)	(18,982)
Net Flows	127	403	(18)	952	555		1,464	1,117
Interest credited and investment performance	(4,803)	7,358	8,019	8,456	(6,255)		19,030	(28,249)

Client Assets, end of period - Full Service Total (1)	173,723	178,398	170,637	162,636	153,228		173,723	153,228

Full Service - Client Assets
Fee-based (1)	141,947	146,077	137,792	129,171	119,299		141,947	119,299
Spread-based	31,776	32,321	32,845	33,466	33,929		31,776	33,929
Client Assets, end of period - Full Service Total (1)	173,723	178,398	170,637	162,636	153,228		173,723	153,228
(1) Effective first quarter of 2023, includes asset balances associated with non-qualified retirement plans for clients using only our non-qualified solutions. Historical periods presented have been recast to conform with this change.


Voya Financial						Page 17 of 45

Wealth Solutions Client Assets Rollforward by Product Group


	Three Months Ended					Twelve Months Ended
(in millions USD)	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022		9/30/2023	9/30/2022
Recordkeeping (1)
Client Assets, beginning of period	279,669	267,038	254,957	241,241	248,931		241,241	278,553
Transfers / Single deposits	4,683	4,590	2,332	979	3,573		12,584	7,935
Recurring deposits	4,964	4,857	5,504	3,778	4,278		19,103	17,746
Total Deposits	9,646	9,447	7,836	4,758	7,851		31,687	25,681
Surrenders, benefits, and product charges	(6,653)	(5,847)	(7,747)	(5,327)	(5,846)		(25,574)	(32,092)
Net Flows	2,993	3,600	89	(569)	2,004		6,113	(6,412)
Interest credited and investment performance	(5,794)	9,030	11,993	14,285	(9,694)		29,514	(30,900)

Client Assets, end of period - Recordkeeping	276,869	279,669	267,038	254,957	241,241		276,869	241,241

Total Defined Contribution (2)
Client Assets, beginning of period	458,068	437,675	417,593	394,469	407,859		394,469	458,914
Transfers / Single deposits	6,386	6,205	4,425	3,469	4,895		20,485	14,990
Recurring deposits	8,548	8,523	9,455	6,947	7,495		33,473	30,791
Total Deposits	14,935	14,728	13,880	10,416	12,390		53,959	45,780
Surrenders, benefits, and product charges	(11,814)	(10,724)	(13,810)	(10,033)	(9,831)		(46,381)	(51,076)
Net Flows	3,120	4,004	70	383	2,559		7,577	(5,296)
Interest credited and investment performance	(10,596)	16,389	20,012	22,741	(15,949)		48,546	(59,149)
Client Assets, end of period - Total Defined Contribution	450,591	458,068	437,675	417,593	394,469		450,591	394,469

Defined Contribution Investment-only Stable Value (SV) (3)
Assets, beginning of period	37,354	37,781	38,148	38,944	39,622		38,944	41,329
Transfers / Single deposits	90	345	323	435	177		1,193	2,587
Recurring deposits	109	70	112	440	169		731	665
Total Deposits	199	416	435	875	346		1,925	3,251
Surrenders, benefits, and product charges	(2,043)	(1,338)	(1,146)	(1,269)	(431)		(5,796)	(2,372)
Net Flows	(1,844)	(923)	(710)	(394)	(84)		(3,871)	879
Interest credited and investment performance	(60)	496	344	(402)	(593)		378	(3,265)
Assets, end of period - Defined Contribution Investment-only SV	35,450	37,354	37,781	38,148	38,944		35,450	38,944

Retail Client Assets (1)(4)	25,872	26,575	25,762	24,913	23,553		25,872	23,553

Other Assets (5)	4,657	4,584	4,250	4,243	3,983		4,657	3,983
Eliminations (1)	(6,998)	(7,639)	(7,574)	(7,511)	(7,355)		(6,998)	(7,355)
Total Client Assets (6)	509,572	518,941	497,895	477,386	453,594		509,572	453,594

(1) Includes asset eliminations previously reported in Recordkeeping and Retail Client Assets. This change has no impact on fee revenue, as fees are calculated using respective asset bases. Historical periods presented have been recast to conform with this change.
(2) Total of Full Service and Recordkeeping.
(3) Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts.
(4) Includes assets of our Retail Wealth Management business, as well as assets in a proprietary IRA mutual fund product that is distributed by both VFA (affiliated) and non-affiliated advisors.
(5) Includes other guaranteed payout products and Non-qualified Retirement Plans.
(6) Effective first quarter of 2023, includes asset balances associated with non-qualified retirement plans for clients using only our non-qualified solutions. Historical periods presented have been recast to conform with this change.

Health Solutions


Voya Financial						Page 19 of 45

Health Solutions Sources of Adjusted Operating Earnings before income taxes


	Three Months Ended										Twelve Months Ended or As of
(in millions USD)	9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022			9/30/2023		9/30/2022
Sources of operating earnings before income taxes:
Gross investment income	25		25		24		24		24			98		95
Investment expenses	(1)		(1)		(1)		(1)		(1)			(4)		(4)
Credited interest	(12)		(12)		(12)		(12)		(13)			(48)		(52)
Net margin	12		12		11		11		11			46		39
Other investment income	14		12		12		14		13			52		47
Investment spread and other investment income, excluding alts/prepays above/below expectations	25		24		23		24		24			96		86
Alternative investment income and prepayment fees above (below) long-term expectations	(2)		—		(2)		(5)		(7)			(9)		7
Investment spread and other investment income	23		23		21		19		17			86		92
Fee based margin (1)	57		58		53		3		4			171		17
Net underwriting gain (loss) and other revenue	184		261		233		202		289			880		739
Net revenue (2)	264		342		306		225		310			1,137		848
Administrative expenses	(122)		(128)		(124)		(71)		(66)			(445)		(271)
Premium taxes, fees and assessments	(37)		(37)		(35)		(27)		(39)			(136)		(128)
Net commissions	(45)		(46)		(44)		(43)		(41)			(178)		(163)
DAC/VOBA and other intangibles amortization	(7)		(8)		(8)		(7)		(9)			(30)		(28)
Adjusted operating earnings before income taxes	53		124		94		78		154			349		256
Adjusted Operating Margin TTM	30.6	%	38.0	%	36.2	%	33.7	%	30.3	%
Adjusted Operating Margin Excluding Notables TTM	32.2	%	35.8	%	33.5	%	33.0	%	31.2	%
Group life:
Premiums	150		157		157		151		150			615		580
Benefits	(118)		(135)		(134)		(124)		(50)			(511)		(485)
Other (3)	(4)		(2)		(3)		(1)		(2)			(10)		(7)
Total Group life	29		20		21		26		98			96		88
Group Life Loss Ratio (Interest adjusted) (4)	78.4	%	86.1	%	84.9	%	82.3	%	71.4	%		83.0	%	93.6	%
Group stop loss:
Premiums	368		359		358		314		311			1,399		1,204
Benefits	(307)		(225)		(251)		(226)		(238)			(1,009)		(932)
Other (3)	(10)		(1)		(1)		(1)		(1)			(13)		(4)
Total Group stop loss	51		133		106		87		72			377		268
Stop loss Loss Ratio	83.3	%	62.6	%	70.1	%	72.0	%	76.4	%		72.1	%	77.4	%
Voluntary Benefits, Disability, and Other	104		108		106		93		123			411		383
Net underwriting gain (loss) and other revenue
Premiums	692		689		688		626		619			2,695		2,391
Benefits	(494)		(423)		(450)		(420)		(326)			(1,787)		(1,635)
Other (3)	(14)		(5)		(4)		(4)		(3)			(27)		(19)
Total Net underwriting gain (loss) and other revenue	184		261		233		202		289			880		739
Total Aggregate Loss Ratio TTM (4)	66.3	%	63.9	%	66.3	%	68.9	%	70.7	%		66.3	%	70.7	%

(1) Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products.
(2) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.
(4) Loss Ratio calculation excludes $57M of favorable reserve release in third quarter of 2022 related to our annual assumption update.


Voya Financial						Page 20 of 45

Health Solutions Key Metrics


	Three Months Ended or As of					Twelve Months Ended or As of
(in millions USD)	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022		9/30/2023	9/30/2022

Sales by Product Line:
Group life and Disability	4	14	104	23	4		145	116
Stop loss	67	25	343	20	42		455	403
Voluntary and Other (1)	12	43	90	13	12		158	142

Total sales by product line	83	82	538	56	58		759	661

Total gross premiums and deposits	762	765	761	687	707		2,975	2,648

Annualized In-force Premiums and Fees by Product Line:
Group life and Disability	917	925	912	833	817		917	817
Stop loss	1,490	1,461	1,457	1,258	1,259		1,490	1,259
Voluntary and Other (1)	936	941	930	689	684		936	684

Total annualized in-force premiums and fees by product line	3,343	3,327	3,300	2,780	2,760		3,343	2,760

Assets Under Management by Fund Group:
General account	1,854	1,870	1,829	1,866	1,938		1,854	1,938
Separate account	15	15	15	14	14		15	14
Total AUM	1,869	1,886	1,844	1,880	1,952		1,869	1,952

(1) Includes benefit administration annual recurring revenue and Health Account Solutions products.

Investment Management


Voya Financial						Page 22 of 45

Investment Management Sources of Adjusted Operating Earnings Before Income Taxes


	Three Months Ended										Twelve Months Ended or As of
(in millions USD)	9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022			9/30/2023	9/30/2022

Sources of operating earnings before income taxes:
Investment capital and other investment income, excluding alts/prepays above/below expectations	9		9		8		8		8			34	32
Alternative investment income and prepayment fees above (below) long-term expectations	(2)		—		2		(9)		(20)			(9)	(8)
Investment spread and other investment income	7		9		10		(1)		(12)			25	25
Fee based margin (1)	226		217		218		216		204			877	717
Net revenue (2)	233		226		229		215		192			903	742
Administrative expenses (3)	(170)		(163)		(186)		(158)		(142)			(677)	(554)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	63		63		42		57		51			225	189
Adjusted Operating Margin TTM	24.9	%	24.7	%	23.4	%	24.7	%	25.5	%
Adjusted Operating Margin Excluding Notables TTM	25.5	%	26.4	%	25.4	%	26.8	%	26.0	%
Fee based margin (1)
Investment advisory and administrative revenue	224		218		216		209		202			867	705
Other fee based margin	2		(1)		2		6		2			9	13
Fee based margin	226		217		218		216		204			877	717

Reconciliation to Adjusted operating earnings before income taxes
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	63		63		42		57		51			225	189
Less: Earnings (loss) attributable to Allianz noncontrolling interest	14		14		9		14		13			51	13
Adjusted operating earnings before income taxes	49		50		33		42		38			174	176

(1) Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation.
(2) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Includes expenses attributable to investment capital results above (below) long-term expectations.


Voya Financial						Page 23 of 45

Investment Management Analysis of AUM and AUA


	Three Months Ended					Twelve Months Ended or As of
(in millions USD)	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022		9/30/2023	9/30/2022
Client Assets:
External Clients
Institutional	147,904	156,435	164,443	161,502	160,720		147,904	160,720
Retail	128,120	131,391	126,212	121,833	118,016		128,120	118,016
Subtotal External Clients	276,024	287,826	290,654	283,335	278,735		276,024	278,735
General Account	35,792	36,154	36,934	38,028	38,614		35,792	38,614
Total Client Assets (AUM)	311,816	323,980	327,589	321,363	317,349		311,816	317,349
Assets under Advisement and Administration (AUA)	55,066	57,326	56,310	55,601	51,862		55,066	51,862
Total AUM and AUA	366,882	381,306	383,899	376,963	369,210		366,882	369,210

Investment Advisory and Administrative Revenues (1)
External Clients
Institutional	90	91	92	90	89		363	354
Retail	111	103	99	95	88		408	249
Subtotal External Clients	201	194	191	185	177		771	602
General Account	19	19	20	20	20		78	80
Total Investment Advisory and Administrative Revenues (AUM)	219	213	211	205	197		848	682
Administration Only Fees	5	5	5	5	5		20	21
Total Investment Advisory and Administrative Revenues	224	218	216	209	202		867	705

Revenue Yield (bps) (1)
External Clients
Institutional	23.5	22.7	22.6	22.1	21.4		22.7	23.8
Retail	33.7	32.1	31.6	31.1	28.0		32.1	29.6
Revenue Yield on External Clients (2)	28.2	26.8	26.5	26.0	24.3		26.9	25.9
General Account	20.6	20.8	20.8	20.8	21.1		20.8	21.1
Revenue Yield on Client Assets (AUM)	27.4	26.2	25.8	25.3	23.9		26.2	25.2
Revenue Yield on Advisement and Administrative Only Assets (AUA)	3.2	3.5	3.7	3.7	3.4		3.5	3.7
Total Revenue Yield on AUM and AUA (bps)	23.7	22.8	22.6	22.3	21.0		22.9	21.5

Revenue Yield on Client Assets (AUM) - trailing twelve months	26.2	25.8	23.1	21.3	25.2		26.2	25.2

(1) Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees.
(2) External client yields for 9/30/2022 do not reflect a full quarter of revenues resulting from the Allianz transaction.


Voya Financial						Page 24 of 45

Investment Management Account Rollforward by Source


	Three Months Ended										Twelve Months Ended or As of
(in millions USD)	9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022			9/30/2023		9/30/2022
Institutional AUM:
Beginning of period AUM	156,435		164,443		161,503		160,720		136,595			160,720		138,332
Inflows	4,258		4,911		5,739		8,249		4,759			23,157		29,121
Outflows	(9,620)		(8,694)		(6,683)		(7,904)		(5,648)			(32,901)		(16,275)
Net flows- Institutional	(5,361)		(3,783)		(945)		345		(889)			(9,744)		12,846
Change in Market Value	(2,178)		2,829		5,171		2,341		(5,815)			8,163		(21,001)
Other (Including Acquisitions / Divestitures)	(991)		(7,054)		(1,286)		(1,903)		30,828			(11,234)		30,542
End of period AUM - Institutional	147,904		156,435		164,443		161,503		160,720			147,904		160,720
Organic Growth (Net Flows/Beginning of period AUM)	-3.4	%	-2.3	%	-0.6	%	0.2	%	-0.7	%		-6.1	%	9.3	%
Market Growth %	-1.4	%	1.7	%	3.2	%	1.5	%	-4.3	%		5.1	%	-15.2	%
Retail AUM:
Beginning of period AUM	131,391		126,212		121,833		118,016		61,070			118,016		75,352
Inflows	9,138		7,894		8,361		7,203		6,683			32,596		13,789
Outflows	(8,093)		(7,773)		(8,019)		(7,400)		(6,754)			(31,285)		(16,711)
Net flows- Retail	1,046		122		342		(198)		(71)			1,312		(2,923)
Net Money Market Flows	56		64		(36)		51		45			135		158
Change in Market Value	(3,369)		7,013		4,242		3,232		(6,332)			11,118		(15,864)
Net Flows from Divested Businesses	(490)		(516)		(515)		(497)		(467)			(2,018)		(2,421)
Other (Including Acquisitions / Divestitures)	(513)		(1,503)		346		1,229		63,771			(441)		63,715
End of period AUM - Retail	128,120		131,391		126,212		121,833		118,016			128,120		118,016
Retail Organic Growth excluding Net Flows from Divested Businesses and Sub-advisor Replacements (Net Flows / Beginning of period AUM)	0.8	%	0.1	%	0.3	%	-0.2	%	-0.1	%		1.1	%	-3.9	%
Market Growth %	-2.6	%	5.6	%	3.5	%	2.7	%	-10.4	%		9.4	%	-21.1	%
Net Flows:
Institutional Net Flows	(5,361)		(3,783)		(945)		345		(889)			(9,744)		12,846
Retail Net Flows	1,046		122		342		(198)		(71)			1,312		(2,923)
Net Flows from Divested Businesses	(490)		(516)		(515)		(497)		(467)			(2,018)		(2,421)
Total Net Flows	(4,806)		(4,178)		(1,118)		(350)		(1,427)			(10,452)		7,501
Net Flows excluding Net Flows from Divested Businesses and Sub-advisor Replacements	(4,316)		(3,662)		(602)		147		(960)			(8,433)		9,922
Total External Clients Organic Growth (Net Flows excluding Divested Businesses and Sub-advisor Replacement / Beginning period AUM)(1)	-1.5	%	-1.3	%	-0.2	%	0.1	%	-0.5	%		-3.0	%	4.6	%

(1) Includes net flows related to Allianz transaction as of July 25, 2022.


Voya Financial						Page 25 of 45

Investment Management Account Value by Asset Type


	Balances as of
(in millions USD)	9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022
Institutional
Equity	21,164		23,803		24,470		22,943		22,835
Fixed Income - Public	49,486		54,186		59,786		57,532		59,752
Fixed Income - Privates	64,516		65,795		67,126		67,809		63,361
Alternatives	12,738		12,651		13,060		13,218		14,771
Money Market	—		—		—		—		—
Total	147,904		156,435		164,443		161,502		160,720

Retail
Equity	62,420		67,759		63,429		60,244		57,343
Fixed Income - Public	62,126		60,278		59,638		58,480		57,714
Fixed Income - Privates	396		437		455		483		499
Alternatives	1,217		1,042		902		822		724
Money Market	1,961		1,875		1,788		1,803		1,736
Total	128,120		131,391		126,212		121,833		118,016

General Account
Equity	226		237		237		237		241
Fixed Income - Public	18,181		18,696		19,286		19,748		20,701
Fixed Income - Privates	14,976		14,886		14,826		14,942		14,877
Alternatives	1,815		2,003		2,226		2,378		2,450
Money Market	593		333		360		724		344
Total	35,792		36,154		36,934		38,028		38,614

Combined Asset Type
Equity	83,810		91,799		88,136		83,424		80,419
Fixed Income - Public	129,794		133,160		138,710		135,760		138,166
Fixed Income - Privates	79,887		81,118		82,406		83,234		78,737
Alternatives	15,770		15,696		16,189		16,418		17,945
Money Market	2,554		2,207		2,148		2,527		2,080
Total	311,816		323,980		327,589		321,363		317,349

Total Private and Alternative Assets	95,657		96,814		98,595		99,652		96,683
% of Private and Alternative Assets / Total AUM	30.7	%	29.9	%	30.1	%	31.0	%	30.5	%

Corporate


Voya Financial						Page 27 of 45

Corporate Adjusted Operating Earnings Before Income Taxes


	Three Months Ended					Twelve Months Ended
(in millions USD)	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022		9/30/2023	9/30/2022

Interest expense (excluding Preferred stock dividends) (1)	(30)	(33)	(33)	(33)	(35)		(129)	(149)
Preferred stock dividends	(14)	(4)	(14)	(4)	(14)		(36)	(36)

Stranded costs net of TSA revenue	—	—	—	—	(1)		—	(6)
Pension expense (2)	(11)	(11)	(11)	(11)	(10)		(44)	(38)
Other (3)	3	(6)	(11)	(12)	(6)		(26)	(35)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	(52)	(54)	(69)	(60)	(66)		(235)	(264)
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—	—	(1)	(1)	—		(3)	—
Adjusted operating earnings before income taxes	(52)	(53)	(68)	(59)	(65)		(232)	(263)

(1) Includes other operating expenses related to financing agreements.
(2) Pension expense includes service costs for our qualified defined benefit pension plan and service and interest costs for our non-qualified defined benefit pension plan, but excludes the estimated return on plan assets net of interest costs for our qualified defined benefit pension plan as well as net actuarial gains (losses) related to all of our pension plans and other post retirement plans, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on plan assets or projected benefit obligations.
(3) Other primarily includes changes in incentive compensation accruals for above (below) target performance, corporate insurance costs, investment income on assets backing surplus in excess of amounts held at the segment level, and certain corporate expenses that are either short duration projects or other items not expected to recur at the same level.

Net Revenue, Adjusted Operating Margin,

Administrative Expenses, and Adjusted Operating Return on Capital


Voya Financial						Page 29 of 45

Net Revenue and Adjusted Operating Margin


	Three Months Ended										Twelve Months Ended
(in millions USD)	9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022		9/30/2023		9/30/2022

Net Revenue Excluding Notable Items
Wealth Solutions
Investment spread and other investment income	238		239		249		252		248		978		901
Fee based margin	259		252		243		238		242		992		1,049
Net underwriting gain (loss) and other revenue	2		4		4		5		3		15		8
Wealth Solutions Net Revenue	499		495		496		495		493		1,985		1,958
Health Solutions
Investment spread and other investment income	25		24		23		24		24		96		86
Fee based margin	57		58		53		3		4		171		17
Net underwriting gain (loss) and other revenue	200		261		233		202		232		896		756
Health Solutions Net Revenue	283		343		309		230		260		1,165		858
Investment Management
Investment capital and other investment income	9		9		8		8		8		34		32
Fee based margin	226		217		218		216		204		877		717
Investment Management Net Revenue	235		226		227		224		212		912		749
Total Net Revenue Excluding Notable Items (1)	1,016		1,064		1,032		949		965		4,061		3,565
Adjusted Operating Earnings Excluding Notable Items
Wealth Solutions	202		188		166		195		198		751		741
Health Solutions	71		125		97		83		105		376		268
Investment Management	66		62		41		64		67		233		195
Total Adjusted Operating Earnings Excluding Corporate and Notable Items (1)	339		375		303		342		370		1,360		1,204
Corporate	(52)		(54)		(69)		(60)		(65)		(235)		(248)
Total Adjusted operating earnings Excluding Notable Items, including Allianz noncontrolling interest	287		321		234		282		305		1,125		956
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items	14		13		8		13		13		48		13
Total Adjusted Operating Earnings Excluding Notable Items (1)	273		308		226		269		291		1,076		943
Adjusted Operating Margin Excluding Notable Items
Wealth Solutions	40.5	%	38.0	%	33.4	%	39.3	%	40.2	%	37.8	%	37.9	%
Health Solutions	25.2	%	36.3	%	31.3	%	36.0	%	40.2	%	32.2	%	31.2	%
Investment Management	27.9	%	27.4	%	18.0	%	28.6	%	31.6	%	25.5	%	26.0	%
Total Adjusted Operating Margin Excluding Corporate and Notable Items	33.3	%	35.2	%	29.4	%	36.0	%	38.2	%	33.4	%	33.7	%
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items	28.2	%	30.2	%	22.7	%	29.7	%	31.5	%	27.7	%	26.8	%
Adjusted Operating Margin Excluding Notable Items Trailing Twelve Months
Wealth Solutions	37.8	%	37.7	%	38.6	%	39.3	%	37.9	%
Health Solutions	32.2	%	35.8	%	33.5	%	33.0	%	31.2	%
Investment Management	25.5	%	26.4	%	25.4	%	26.8	%	26.0	%
Total Adjusted Operating Margin Excluding Corporate and Notable Items	33.4	%	34.6	%	34.4	%	35.0	%	33.7	%
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items	27.7	%	28.5	%	27.7	%	28.1	%	26.8	%

(1) Refer to the “Reconciliations” section for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items.


Voya Financial						Page 30 of 45

Administrative Expenses


	Three Months Ended					Twelve Months Ended
(in millions USD)	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022	9/30/2023	9/30/2022

Wealth Solutions	(216)	(228)	(251)	(223)	(214)	(918)	(876)
Health Solutions	(122)	(128)	(124)	(71)	(66)	(445)	(271)
Investment Management	(170)	(163)	(186)	(158)	(142)	(677)	(554)
Stranded costs net of TSA revenue (1)	—	—	—	—	(1)	—	(6)
Total Administrative Expenses (1)(2)	(508)	(519)	(561)	(452)	(423)	(2,040)	(1,707)

(1) Includes Stranded Costs, net of associated TSA revenue, subsequent to the closing of the Individual Life Transaction.
(2) Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.


Voya Financial						Page 31 of 45

Adjusted Operating Return on Allocated Capital


	Twelve Months Ended
(in millions USD, unless otherwise indicated)	9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022

Wealth Solutions
Adjusted operating earnings before income taxes - before interest	630		579		602		697		798
Income tax expense	80		71		77		98		122
Adjusted Operating Earnings - before interest and after income taxes	550		508		525		599		676
Adjusted Operating effective tax rate (1)	13.5	%	13.3	%	10.9	%	12.7	%	11.6	%
Adjusted Operating effective tax rate - Trailing Twelve Months	12.7	%	12.2	%	12.8	%	14.1	%	15.3	%
Average Capital	3,557		3,619		3,679		3,710		3,730
Ending Capital (2)	3,460		3,470		3,520		3,670		3,677
Adjusted Return on Capital	15.4	%	14.0	%	14.2	%	16.1	%	18.1	%

Health Solutions
Adjusted operating earnings before income taxes - before interest	349		450		376		304		256
Income tax expense	73		95		79		64		54
Adjusted Operating Earnings - before interest and after income taxes	275		355		297		240		202
Adjusted Operating effective tax rate (1)	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Adjusted Operating effective tax rate - Trailing Twelve Months	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Average Capital	1,039		877		698		591		555
Ending Capital (2)	1,230		1,289		1,263		662		650
Adjusted Return on Capital	26.5	%	40.5	%	42.6	%	40.6	%	36.6	%

Investment Management
Adjusted operating earnings before income taxes - before interest	174		163		153		158		176
Income tax expense	37		34		32		33		37
Adjusted Operating Earnings - before interest and after income taxes	137		129		121		125		139
Adjusted Operating effective tax rate (1)	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Adjusted Operating effective tax rate - Trailing Twelve Months	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Average Capital	800		757		673		582		488
Ending Capital (2)	798		806		810		797		778
Adjusted Return on Capital	17.2	%	17.0	%	17.9	%	21.5	%	28.3	%

(1) We assume a 21% tax rate on segment Adjusted operating earnings, less the estimated benefit of the dividends received deduction and foreign tax credits in our Wealth Solutions segment.
(2) Capital is allocated to each of our segments in proportion to each segment’s target statutory capital, plus an allocation of the differences between statutory capital and total Voya Financial, Inc. shareholders' equity on a GAAP basis (excluding AOCI), based on each segment’s portion of these differences.

Investment Information


Voya Financial						Page 33 of 45

Portfolio Results GAAP Book Value, Gross Investment Income, and Earned Rate by Asset Class


	Three Months Ended or As of												Year-to-Date or As of
(in millions USD)	9/30/2023						6/30/2023						9/30/2023

Invested Assets
Book Values, Gross investment income and Earned rate (1)	Book Value	BV %		Gross Investment Income	Earned Rate (annualized)		Book Value	BV %		Gross Investment Income	Earned Rate (annualized)		Book Value	BV %		Gross Investment Income	Earned Rate (annualized)
Public corporate	11,099	29.0	%	140	5.1	%	11,474	29.0	%	146	5.0	%	11,099	29.0	%	435	5.0	%
Private credit	8,138	21.0	%	92	4.6	%	8,117	21.0	%	88	4.4	%	8,138	21.0	%	270	4.5	%
Securitized (2)(3)	10,046	26.0	%	153	6.2	%	10,277	26.0	%	156	6.1	%	10,046	26.0	%	466	6.1	%
Commercial mortgage loans	5,343	14.0	%	63	4.8	%	5,336	14.0	%	61	4.7	%	5,343	14.0	%	184	4.7	%
Municipals	862	2.0	%	8	3.8	%	911	2.0	%	9	4.0	%	862	2.0	%	27	3.9	%
Short-term / Treasury	475	1.0	%	5	4.5	%	448	1.0	%	5	4.3	%	475	1.0	%	15	4.4	%
Equity securities	268	1.0	%	6	9.7	%	280	1.0	%	5	6.6	%	268	1.0	%	16	7.6	%
Policy loans	368	1.0	%	5	5.7	%	358	1.0	%	5	5.8	%	368	1.0	%	16	6.1	%
Derivatives	(10)	—	%	3	N/A		(11)	—	%	3	N/A		(10)	—	%	9	N/A
Book Values and Gross Investment Income before variable components	36,591	95.0	%	477	5.3	%	37,189	95.0	%	478	5.2	%	36,591	95.0	%	1,437	5.2	%

Book Values and Gross Investment Income on variable components
Limited partnership	1,814	5.0	%	24	5.4	%	1,809	5.0	%	33	7.5	%	1,814	5.0	%	69	5.3	%
Prepayment / Other fee income	N/A	N/A		2	—	%	N/A	N/A		2	—	%	N/A	N/A		6	—	%
Book Values and Gross Investment Income (variable)	1,814	5.0	%	25	—	%	1,809	5.0	%	35	—	%	1,814	5.0	%	75	—	%
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings	38,405	100.0	%	502	5.3	%	38,998	100.0	%	512	5.3	%	38,405	100.0	%	1,512	5.2	%

(1) Table represents annualized yield for Voya's General Account assets. Investment results related to businesses exited through reinsurance or divestment, and other miscellaneous items are excluded.
(2) Includes operating investment income from CMO-B portfolio assets, including derivatives.
(3) For CMO-B securities subject to the fair value option, operating investment income is determined by applying the prospective cash flow yield. Other income attributable to market value changes are excluded.


Voya Financial						Page 34 of 45

Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings


	Three Months Ended or As of (1)
(in millions USD)	6/30/2023			03/31/2023			12/31/2022			09/30/2022

Statutory Carrying Value	Statutory Value	SV %		Statutory Value	SV %		Statutory Value	SV %		Statutory Value	SV %
Public corporate	11,576	30.0	%	11,983	30.0	%	12,282	30.0	%	13,187	32.0	%
Private credit	7,968	21.0	%	7,944	20.0	%	8,014	20.0	%	7,958	19.0	%
Securitized	10,305	27.0	%	10,647	27.0	%	10,688	26.0	%	10,663	26.0	%
Municipals	911	2.0	%	921	2.0	%	952	2.0	%	966	2.0	%
Short-term / Treasury	483	1.0	%	485	1.0	%	978	2.0	%	802	2.0	%
Total Fixed maturities	31,243	81.0	%	31,979	81.0	%	32,914	81.0	%	33,577	81.0	%
Commercial mortgage loans	5,335	14.0	%	5,315	13.0	%	5,412	13.0	%	5,375	13.0	%
Limited partnership	1,620	4.0	%	1,794	5.0	%	1,774	4.0	%	1,777	4.0	%
Equity securities	425	1.0	%	462	1.0	%	464	1.0	%	475	1.0	%
Total	38,624	100.0	%	39,549	100.0	%	40,565	100.0	%	41,204	100.0	%

NAIC Ratings
Fixed Maturities:
NAIC 1	16,248	52.0	%	16,413	51.0	%	17,016	52.0	%	17,312	52.0	%
NAIC 2	13,788	44.0	%	14,337	45.0	%	14,662	45.0	%	14,970	45.0	%
NAIC 3 and below	1,207	4.0	%	1,229	4.0	%	1,237	4.0	%	1,295	4.0	%
Total Fixed maturities	31,243	100.0	%	31,979	100.0	%	32,914	100.0	%	33,577	100.0	%

Commercial Mortgage Loans:
CML 1	3,866	72.0	%	3,993	75.0	%	4,246	78.0	%	4,220	79.0	%
CML 2	1,054	20.0	%	905	17.0	%	1,067	20.0	%	1,045	19.0	%
CML 3 and below	415	8.0	%	417	8.0	%	100	2.0	%	110	2.0	%
Total Commercial mortgage loans	5,335	100.0	%	5,315	100.0	%	5,412	100.0	%	5,375	100.0	%

(1) Presented one quarter in arrears based on the timing of our statutory filings.


Voya Financial						Page 35 of 45

Alternative Investment Income


	Three Months Ended					Year-to-Date
(in millions USD)	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022	9/30/2023	9/30/2022
Wealth Solutions
Average alternative investments	1,613	1,615	1,659	1,614	1,650	1,629	1,606
Alternative investment income	21	30	11	(5)	(26)	62	96
Health Solutions
Average alternative investments	199	179	125	160	163	168	165
Alternative investment income	3	4	1	(1)	(3)	8	9
Investment Management
Average alternative investments	326	325	318	316	333	323	344
Alternative investment income	5	8	9	(2)	(13)	22	3


Voya Financial						Page 36 of 45

Alternative Income and Prepayments Above (Below) Long-Term Expectations


	Three Months Ended					Twelve Months Ended
(in millions USD)	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022	9/30/2023	9/30/2022

Alternative Income Above (Below) Long-Term Expectations (1)
Wealth Solutions	(16)	(7)	(26)	(41)	(63)	(90)	69
Health Solutions	(2)	—	(2)	(5)	(7)	(9)	6
Investment Management	(2)	—	2	(9)	(20)	(9)	(8)
Total	(20)	(7)	(26)	(55)	(90)	(108)	67

Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions	(8)	(7)	(7)	(9)	(7)	(31)	(12)
Health Solutions	—	—	—	—	—	—	1
Investment Management	—	—	—	—	—	—	—
Total	(8)	(7)	(7)	(9)	(7)	(31)	(11)

Alternative Income and Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions	(24)	(14)	(33)	(50)	(70)	(121)	57
Health Solutions	(2)	—	(2)	(5)	(7)	(9)	7
Investment Management	(2)	—	2	(9)	(20)	(9)	(8)
Total	(28)	(14)	(34)	(64)	(97)	(139)	56

(1) The amount by which Investment income from alternative investments and prepayment fees exceeds or is less than our long-term expectation. Long-term expectation for alternative investments is a 9% annual return and the long-term expectation for prepayment fees is a 10 basis point annual contribution to yield, which is roughly $9 million per quarter for Wealth Solutions

Reconciliations


Voya Financial						Page 38 of 45

Reconciliation of Adjusted Operating Earnings Before Income Taxes and Earnings Per Common Share (Diluted)


	Three Months Ended
(in millions except per share in whole dollars)	9/30/2023			6/30/2023			3/31/2023			12/31/2022			9/30/2022
	Before income taxes	After income taxes (1)	Per share (2)	Before income taxes	After income taxes (1)	Per share (2)	Before income taxes	After income taxes (1)	Per share (2)	Before income taxes	After income taxes (1)	Per share (2)	Before income taxes	After income taxes (1)	Per share (2)

Income (loss) available to Voya Financial, Inc.'s common shareholders		248	2.29		154	1.41		69	0.63		190	1.78		166	1.57
Plus: Net income (loss) attributable to noncontrolling interests		(16)	(0.14)		77	0.70		46	0.42		(57)	(0.54)		(138)	(1.30)
Less: Preferred stock dividends		(14)	(0.13)		(4)	(0.04)		(14)	(0.13)		(4)	(0.04)		(14)	(0.13)

Income (loss)	172	246	2.28	263	235	2.14	141	129	1.18	83	137	1.28	71	42	0.40
Less:
Net investment gains (losses) (3)	42	43	0.40	(38)	(30)	(0.27)	(9)	(7)	(0.06)	(10)	(8)	(0.07)	(9)	(7)	(0.06)


Income (loss) related to businesses exited or to be exited through reinsurance or divestment (4)	(68)	38	0.35	(21)	(17)	(0.15)	(33)	(26)	(0.23)	(34)	(27)	(0.25)	(13)	(11)	(0.10)
Net income (loss) attributable to noncontrolling interests	(16)	(16)	(0.14)	77	77	0.70	46	46	0.42	(57)	(57)	(0.54)	(138)	(138)	(1.30)


Dividend payments made to preferred shareholders	14	14	0.13	4	4	0.04	14	14	0.13	4	4	0.04	14	14	0.13

Other adjustments	(28)	(21)	(0.19)	(52)	(41)	(0.38)	(70)	(56)	(0.51)	(26)	(3)	(0.03)	(37)	(26)	(0.24)

Adjusted operating earnings	229	189	1.74	294	243	2.21	192	158	1.44	206	227	2.13	254	210	1.97
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation	(29)	(23)	(0.21)	(14)	(11)	(0.10)	(34)	(27)	(0.25)	(63)	(50)	(0.47)	(94)	(74)	(0.70)
Other (5)	(16)	(13)	(0.12)	—	—	—	—	—	—	—	53	0.50	57	45	0.42
Adjusted operating earnings excluding notable items	273	224	2.07	308	253	2.31	226	185	1.69	269	224	2.10	291	239	2.24

(1) For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law.
(2) Per share calculations are based on un-rounded numbers.
(3) Net investment gains include a $45 million revaluation gain on the Voya India investment for the three months ended September 30, 2023. There was no tax expense associated with this gain.
(4) Income related to businesses exited or to be exited through reinsurance or divestment includes a one-time tax benefit of $92 million related to a divested business for the three months ended September 30, 2023.
(5) Includes changes in certain legal and other reserves not expected to recur at the same level and favorable tax adjustments primarily related to foreign tax credits.


Voya Financial						Page 39 of 45

Reconciliation of Adjusted Operating Earnings and Earnings Per Common Share (Diluted)


	Nine months ended
(in millions except per share in whole dollars)	9/30/2023			9/30/2022
	Before income taxes	After income taxes (1)	Per share (2)	Before income taxes	After income taxes (1)	Per share (2)

Income (loss) available to Voya Financial, Inc.'s common shareholders		471	4.31		284	2.55
Plus: Net income (loss) attributable to noncontrolling interests		107	0.98		(20)	(0.18)
Less: Preferred stock dividends		(32)	(0.29)		(32)	(0.29)

Income (loss)	576	610	5.59	345	296	2.66
Less:
Net investment gains (losses) (3)	(4)	6	0.06	(180)	(142)	(1.28)


Income (loss) related to businesses exited or to be exited through reinsurance or divestment (4)	(122)	(5)	(0.05)	(105)	(83)	(0.74)
Net income (loss) attributable to noncontrolling interests	107	107	0.98	(20)	(20)	(0.18)


Dividend payments made to preferred shareholders	32	32	0.29	32	32	0.29

Other adjustments	(150)	(118)	(1.08)	(85)	(71)	(0.64)

Adjusted operating earnings	715	589	5.39	703	580	5.21
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation	(77)	(61)	(0.55)	(43)	(34)	(0.31)
Other (5)	(16)	(13)	(0.12)	17	14	0.12
Adjusted operating earnings excluding notable items	807	663	6.06	728	600	5.39

(1) For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law.
(2) Per share calculations are based on un-rounded numbers.
(3) Net investment gains include a $45 million revaluation gain on the Voya India investment for the nine months ended September 30, 2023. There was no tax expense associated with this gain.
(4) Income related to businesses exited or to be exited through reinsurance or divestment includes a one-time tax benefit of $92 million related to a divested business for the nine months ended September 30, 2023.
(5) Includes changes in certain legal and other reserves not expected to recur at the same level and Group Life Covid-19 impacts.


Voya Financial						Page 40 of 45

Reconciliation of Adjusted Operating Revenues


	Three Months Ended					Year-to-Date
(in millions USD)	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022	9/30/2023	9/30/2022

Total revenues	1,823	1,871	1,835	1,555	1,345	5,529	4,375

Less:
Net investment gains (losses)	40	(46)	(14)	(17)	(18)	(21)	(198)


Revenues (losses) related to business exited or to be exited through reinsurance or divestment	21	2	30	16	(30)	53	(139)
Revenues (loss) attributable to noncontrolling interests	22	128	60	(44)	(130)	211	11
Other adjustments	24	67	60	54	30	152	66
Total adjusted operating revenues	1,717	1,721	1,697	1,547	1,495	5,135	4,635

Adjusted operating revenues by segment
Wealth Solutions	702	705	684	669	645	2,090	2,109
Health Solutions	768	775	774	649	645	2,317	1,933
Investment Management	233	226	229	215	192	688	542
Corporate	14	15	11	15	13	39	51
Total adjusted operating revenues	1,717	1,721	1,697	1,547	1,495	5,135	4,635


Voya Financial						Page 41 of 45

Wealth Solutions and Health Solutions Reconciliation of Net Revenues


	Page	Three Months Ended					Twelve Months Ended
(in millions USD)	Reference	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022	9/30/2023	9/30/2022

Wealth Solutions
Adjusted operating revenues	page 8	702	705	684	669	645	2,760	2,902
Interest credited and other benefits to contract owners/policyholders		(226)	(224)	(222)	(224)	(222)	(896)	(886)

Net revenue	page 15	475	481	463	445	423	1,864	2,015
Less:
Alternative investment income and prepayment fees above (below) long-term expectations		(24)	(14)	(33)	(50)	(70)	(121)	57


Net revenue excluding notable items	page 29	499	495	496	495	493	1,985	1,958
Health Solutions
Adjusted operating revenues	page 8	768	775	774	649	645	2,966	2,531
Interest credited and other benefits to contract owners/policyholders		(504)	(433)	(467)	(424)	(335)	(1,828)	(1,684)

Net revenue	page 19	264	342	306	225	310	1,137	848
Less:
Alternative investment income and prepayment fees above (below) long-term expectations		(2)	—	(2)	(5)	(7)	(9)	7
Group Life Covid-19 impacts		—	—	—	—	—	—	(74)
Other adjustments to net underwriting gain (loss) and other revenue (1)		(16)	—	—	—	57	(16)	57
Net revenue excluding notable items	page 29	283	343	309	230	260	1,165	858

(1) Includes changes in certain legal and other reserves not expected to recur at the same level.


Voya Financial						Page 42 of 45

Investment Management and Consolidated Reconciliation of Net Revenues


	Page	Three Months Ended					Twelve Months Ended
(in millions USD)	Reference	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022	9/30/2023	9/30/2022

Investment Management
Adjusted operating revenues	page 8	233	226	229	215	192	903	742

Net revenue	page 22	233	226	229	215	192	903	742
Less:
Alternative investment income and prepayment fees above (below) long-term expectations		(2)	—	2	(9)	(20)	(9)	(8)
Net revenue excluding notable items	page 29	235	226	227	224	212	912	749
Consolidated
Total Adjusted operating revenues	page 8	1,717	1,721	1,697	1,547	1,495	6,682	6,253
Interest credited and other benefits to contract owners/policyholders		(730)	(656)	(689)	(648)	(557)	(2,723)	(2,570)
Corporate Adjusted operating revenues (1)		(14)	(15)	(11)	(15)	(13)	(55)	(79)
Net revenue	pages 15/19/22	972	1,050	998	885	925	3,904	3,604
Less:
Alternative investment income and prepayment fees above (below) long-term expectations		(28)	(14)	(34)	(64)	(97)	(139)	56
Group Life Covid-19 impacts		—	—	—	—	—	—	(74)

Other adjustments		(16)	—	—	—	57	(16)	57
Net revenue excluding notable items	page 29	1,016	1,064	1,032	949	965	4,061	3,565

(1) Includes primarily TSA Revenue.


Voya Financial						Page 43 of 45

Reconciliation of Adjusted Operating Earnings Before Income Taxes Excluding Notable Items by Segment


	Page	Three Months Ended					Twelve Months Ended
(in millions USD)	Reference	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022	9/30/2023	9/30/2022

Wealth Solutions
Adjusted operating earnings before income taxes	page 15	179	174	132	145	128	630	798
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation		(24)	(14)	(33)	(50)	(70)	(121)	57

Adjusted operating earnings excluding notable items	page 29	202	188	166	195	198	751	741

Health Solutions
Adjusted operating earnings before income taxes	page 19	53	124	94	78	154	349	256
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation		(2)	—	(2)	(5)	(7)	(9)	7
Group Life Covid-19 impacts		—	—	—	—	—	—	(74)
Other (1)		(16)	—	—	—	57	(16)	57
Adjusted operating earnings excluding notable items	page 29	71	125	97	83	105	376	268

Investment Management
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	page 22	63	63	42	57	51	225	189
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation		(3)	1	2	(7)	(16)	(7)	(7)
Adjusted operating earnings excluding notable items, including Allianz noncontrolling interest	page 29	66	62	41	64	67	233	195
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items		14	14	9	14	13	51	13
Adjusted operating earnings excluding notable items		52	49	31	50	54	182	182












(1) Includes changes in certain legal and other reserves not expected to recur at the same level.


Voya Financial						Page 44 of 45

Reconciliation of Adjusted Operating Earnings Before Income Taxes Excluding Notable Items by Segment


	Page	Three Months Ended					Twelve Months Ended
(in millions USD)	Reference	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022	9/30/2023	9/30/2022

Corporate
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	page 27	(52)	(54)	(69)	(60)	(66)	(235)	(264)
Less:
Other (1)		—	—	—	—	—	—	(16)
Adjusted operating earnings excluding notable items, including Allianz noncontrolling interest	page 29	(52)	(54)	(69)	(60)	(65)	(235)	(248)
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items		—	—	(1)	(1)	—	(3)	—
Adjusted operating earnings excluding notable items		(52)	(53)	(68)	(59)	(65)	(232)	(248)

Consolidated
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	page 7	242	307	200	219	267	968	981
Less:
Total Notable Items Adjustments		(45)	(14)	(34)	(63)	(37)	(156)	24
Adjusted operating earnings excluding notable items, including Allianz noncontrolling interest		287	321	234	282	305	1,125	956
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items		14	13	8	13	13	48	13
Adjusted operating earnings excluding notable items	page 29	273	308	226	269	291	1,076	943

(1) Includes incentive compensation driven by above target performance.


Voya Financial						Page 45 of 45

Reconciliation of Book Value Per Common Share, Excluding AOCI, Leverage Ratio and Adjusted Diluted Shares


	Three Months Ended or As of										Year-to-Date or As of
(in whole dollars)	9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022		9/30/2023		9/30/2022

Book value per common share, including AOCI	23.93		29.19		34.03		28.16		23.70		23.93		23.70
Per share impact of AOCI	33.62		26.40		25.92		31.43		33.98		33.62		33.98
Book value per common share, excluding AOCI	57.55		55.59		59.95		59.59		57.69		57.55		57.69

Debt to capital ratio	40.1	%	37.7	%	36.1	%	40.0	%	43.4	%	40.1	%	43.4	%
Capital impact of adding noncontrolling interest	-10.3	%	-8.9	%	-7.3	%	-8.4	%	-10.2	%	-10.3	%	-10.2	%
Impact of adding other financial obligations and treatment of preferred stock (1)	11.3	%	10.4	%	9.8	%	9.9	%	10.3	%	11.3	%	10.3	%

Capital impact of excluding AOCI	-13.3	%	-10.0	%	-9.1	%	-12.0	%	-13.7	%	-13.3	%	-13.7	%
Financial leverage ratio excluding AOCI	27.8	%	29.2	%	29.5	%	29.5	%	29.8	%	27.8	%	29.8	%

Reconciliation of shares used in Adjusted operating earnings per common share (Diluted)
Weighted-average common shares outstanding - Basic	105.8		103.0		97.7		97.3		97.9		102.2		101.9
Dilutive effect of warrants	—		4.0		8.9		7.2		6.2		4.3		7.2
Other dilutive effects (2)	2.7		2.8		2.9		2.2		2.3		2.8		2.3
Weighted-average common shares outstanding - Diluted	108.4		109.8		109.6		106.7		106.4		109.3		111.4
Dilutive effect of the exercise or issuance of stock-based awards (3)	—		—		—		—		—		—		—
Weighted average common shares outstanding - Adjusted Diluted (3)	108.4		109.8		109.6		106.7		106.4		109.3		111.4

(1) Includes operating leases, capital leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock.
(2) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options.
(3) For periods in which there is Net loss available to common shareholders, adjusted operating earnings per common share (EPS) calculation includes additional dilutive shares, as the inclusion of these shares for stock compensation plans would not be anti-dilutive to the adjusted operating EPS calculation.

Document And Entity Information	Oct. 31, 2023
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 31, 2023
Entity Registrant Name	VOYA FINANCIAL, INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-35897
Entity Tax Identification Number	52-1222820
Entity Address, Address Line One	230 Park Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10169
City Area Code	212
Local Phone Number	309-8200
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001535929
Amendment Flag	false
Common Stock, $.01 Par Value
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $.01 Par Value
Trading Symbol	VOYA
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/40th
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/40th
Trading Symbol	VOYAPrB
Security Exchange Name	NYSE

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